Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The Company’s lease portfolio is predominately operating leases for plant operations, storage facilities, and office space for employees. The Company presents operating lease and finance lease balances separately on the consolidated balance sheets. The Company’s finance leases relate to plant operations. The Company does not include options to extend leases in the lease term until they are reasonably certain to be exercised. The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss:

	March 31, 2024		March 31, 2023
Finance lease
Amortization of ROU assets	$	—	$	—
Interest on lease liabilities	0.1		—
Total finance lease cost	$	0.1	$	—
Operating lease cost	$	2.8	$	2.0
Short-term lease cost	—		—
Variable lease cost	0.4		0.4
Total lease cost	$	3.3	$	2.4

The weighted average remaining lease term of the Company's premises and equipment operating leases is 13.41 years as at March 31, 2024 and 14.48 years as at December 31, 2023. The weighted average remaining lease term of the Company's premises and equipment finance leases is 46.66 years as at March 31, 2024 and 46.78 years as at December 31, 2023.

The weighted average lease discount rate of the Company's premises and equipment operating leases is 7.57% as at March 31, 2024 and 7.69% as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment finance leases is 9.49% as at March 31, 2024 and December 31, 2023.

Supplemental Cash Flow Related Disclosures	For the three months ended March 31, 2024		For the three months ended March 31, 2023
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases	$	2.8	$	2.5
Operating cash flows from finance leases	0.1		—
Financing cash flows from finance leases	—		—
Recognition of ROU assets and lease liabilities for new operating leases	$	15.6	$	0.2
Recognition of ROU assets and lease liabilities for new finance leases	—		—

Maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
March 2025	$	9.3	0.2
March 2026	9.5		0.2
March 2027	9.5		0.2
March 2028	8.8		0.2
March 2029	8.6		0.2
Thereafter	60.6		11.6
Total future minimum lease payments	$	106.3	$	12.6
Imputed interest	(32.5)		(10.4)
Total lease liabilities	$	73.8	$	2.2

At March 31, 2024, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. There were no restrictions or covenants imposed by its leases.

Leases

Leases

The Company’s lease portfolio is predominately operating leases for plant operations, storage facilities, and office space for employees. The Company presents operating lease and finance lease balances separately on the consolidated balance sheets. The Company’s finance leases relate to plant operations. The Company does not include options to extend leases in the lease term until they are reasonably certain to be exercised. The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss:

	March 31, 2024		March 31, 2023
Finance lease
Amortization of ROU assets	$	—	$	—
Interest on lease liabilities	0.1		—
Total finance lease cost	$	0.1	$	—
Operating lease cost	$	2.8	$	2.0
Short-term lease cost	—		—
Variable lease cost	0.4		0.4
Total lease cost	$	3.3	$	2.4

The weighted average remaining lease term of the Company's premises and equipment operating leases is 13.41 years as at March 31, 2024 and 14.48 years as at December 31, 2023. The weighted average remaining lease term of the Company's premises and equipment finance leases is 46.66 years as at March 31, 2024 and 46.78 years as at December 31, 2023.

The weighted average lease discount rate of the Company's premises and equipment operating leases is 7.57% as at March 31, 2024 and 7.69% as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment finance leases is 9.49% as at March 31, 2024 and December 31, 2023.

Supplemental Cash Flow Related Disclosures	For the three months ended March 31, 2024		For the three months ended March 31, 2023
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases	$	2.8	$	2.5
Operating cash flows from finance leases	0.1		—
Financing cash flows from finance leases	—		—
Recognition of ROU assets and lease liabilities for new operating leases	$	15.6	$	0.2
Recognition of ROU assets and lease liabilities for new finance leases	—		—

Maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
March 2025	$	9.3	0.2
March 2026	9.5		0.2
March 2027	9.5		0.2
March 2028	8.8		0.2
March 2029	8.6		0.2
Thereafter	60.6		11.6
Total future minimum lease payments	$	106.3	$	12.6
Imputed interest	(32.5)		(10.4)
Total lease liabilities	$	73.8	$	2.2

At March 31, 2024, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. There were no restrictions or covenants imposed by its leases.